EUR/USD: confined to 30 pip Thanksgiving holiday range - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the dollar consolidated its latest gains this Thursday, with the EUR/USD pair confined to a 30 pips range amid a strong lack of volume due to the US Thanksgiving holiday.

Key Quotes:

"Nevertheless, the common currency remained under pressure ahead of crucial data to be released next week, including the ECB latest economic policy decision and the US Nonfarm Payroll report. The only piece of data released this Thursday, was the EU money supply figures, showing an increase in circulating in the region during October of 5.3%, the result of the ongoing easing from the Central Bank, but hardly a market mover. European stocks managed to rally, which maintained the EUR subdued, yet there was no action across the board. This Friday, the US will have an early close, and there will be no fundamental data released, although some macro figures will be delivered by the EU, none of them a trend changer.

As for the EUR/USD pair, the 4 hours chart shows that the bearish momentum prevailed for one more day, given that the price was unable to recover above the 20 SMA, whilst the technical indicators present mild bearish slopes below their mid-lines. Given that the month end is around the corner ,little can be expected for this Friday, although market's sentiment continued favoring lower lows towards 1.0460 and selling on spikes."
For more information, read our latest forex news.

Useful Searches

Disclaimer - Forex, futures, stock, and options trading is not appropriate for everyone. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the information contained on this site will generate profits or ensure freedom from losses.